EBRD supports Turkish metal foundry Kutes' green transformation with €15.4m solar investment

Kutes, a prominent Turkish metal casting company, is set for a sustainable energy makeover, thanks to the support from the European Bank for Reconstruction and Development (EBRD) and Türkiye Sinai Kalkinma Bankasi (TSKB).

Under the Risk Sharing Framework (RSF) of the EBRD, TSKB is extending a €15.4 million loan to Kutes for the establishment of 26 MW solar power plants in Kirklareli and Edirne.

In a groundbreaking move, the EBRD is shouldering 50% of TSKB’s credit risk, signalling a strong commitment to fostering green initiatives and sustainable practices in Turkey’s metal casting industry.

This collaboration marks a significant stride towards simplifying access to finance for small and medium-sized enterprises, reflecting the EBRD’s dedication to supporting Turkey’s sustainable development.

The RSF, a key component of the EBRD’s Small Business Initiative, plays a pivotal role in facilitating green transitions for local private companies.

With this move, Kutes aligns itself with the broader commitment to environmental responsibility, aiming to mitigate over 80% of its electricity consumption through solar energy investments.